1041 Preparation: Understanding the Issues (Completed)

Date: Monday, September 18, 2017
Instructor: Arthur Joseph Werner
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Get an overview of the 1041 process, the three questions regarding trusts and Grantor Trust issues. This course is the first of three partsof the 1041 Series covering issues involved in preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041).

Who Should Attend
CPAs, EAs, and attorneys who need to understand Form 1041 preparation.

Topics Covered

  • Overview of the 1041 process
  • Definition of Estate
  • Probate
  • The "Players"
  • The "Three Questions"
  • Grantor Trust
  • Simple Trust
  • Complex Trust
  • Distributable Net Income (DNI)
  • Income to be Distributed Currently
  • Issues with Regard to Filing
  • Trusts vs. Estates
  • Employer Identification Number (EIN)

Learning Objectives

  • Identify preparation of U.S. Income Tax Return for Estates and Trusts (Form 1041)
  • Recognize the purpose of Form 1041 in relation to an estate
  • Differentiate the definition of an estate between state and federal tax law
  • Identify why a trust holds legal title to the asset over the beneficiary
  • Describe the five major functions of a trustee
  • Recognize beneficial distribution strategies for best practice is completing Form 1041
  • Identify income distribution deductions
  • Describe income generated by assets held by a taxable estate
  • Recognize estate assets with a right or survivorship
  • Identify which assets are part of a trust funded by an estate and distributed
  • Describe the major functions of a trustee
  • Recognize who can change, alter, amend or revoke a revocable trust
  • Identify when an inter-vivos trust is fully executed
  • Describe a simple trust
  • Differentiate revocable trusts disregarded entities for the purpose of Form 1041
  • Describe characteristics of testamentary trusts
  • Identify Distributable Net Income (DNI)


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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